The U.S. Supreme Court, which in October denied Joe Nacchio’s petition for a review of his insider trading conviction, today rejected the former Qwest chief executive’s request for reconsideration.

The denial was issued without comment. The court did not solicit additional filings from the government before making its decision.

Nacchio was convicted in 2007 on 19 counts of insider trading connected to his sale of $52 million in Qwest stock.

He filed an appeal to the Supreme Court in March and began serving a six-year prison term in April.

After the high court refused to review his conviction in October, Nacchio’s attorneys filed the request for rehearing.

Nacchio still has a resentencing pending before the U.S. District Court in Denver. The 10th Circuit Court of Appeals granted him a new sentence in July, ruling that the trial judge miscalculated when he sentenced Nacchio to six years in prison and ordered him to pay $71 million in fines and forfeitures.

Nacchio has also filed a request for a new trial with the district court, claiming that new evidence emerged during a civil fraud case brought against him and several other former Qwest officials by the Securities and Exchange Commission.

Nacchio’s attorney, Maureen Mahoney, didn’t immediately respond to a request for comment today.Here is a link to the order that was issued today by the Supreme Court. Nacchio is listed on page 15.

Former Qwest CEO Joe Nacchio’s petition for a Supreme Court review of his insider trading conviction was distributed for conference Sept. 29, but the justices haven’t granted or denied the request yet.

A Supreme Court official said there’s a slight chance another orders list could be issued Monday coming from the Sept. 29 conference. Even if that happens, there’s no guarantee the case will be on the second orders list.

A more likely scenario is that the case will be distributed again at an upcoming conference, which is a private meeting of the justices in which they decide whether to grant or deny petitions. The next conference is Oct. 9.

The case was initially placed for consideration in June. Following that conference, the justices requested the entire case record from the lower courts. Nacchio’s attorney, Maureen Mahoney, said then that the delay and the justices’ request for the entire case record “is a sign that the petition is being given serious consideration.”

Former Qwest CEO Joe Nacchio’s petition for a Supreme Court review of his insider trading conviction was distributed for conference Sept. 29, but the justices haven’t granted or denied the request yet.

A Supreme Court official said there’s a slight chance another orders list could be issued Monday coming from the Sept. 29 conference. Even if that happens, there’s no guarantee the case will be on the second orders list.

A more likely scenario is that the case will be distributed again at an upcoming conference, which is a private meeting of the justices in which they decide whether to grant or deny petitions. The next conference is Oct. 9.

The case was initially placed for consideration in June. Following that conference, the justices requested the entire case record from the lower courts. Nacchio’s attorney, Maureen Mahoney, said then that the delay and the justices’ request for the entire case record “is a sign that the petition is being given serious consideration.”

Former Qwest CEO Joe Nacchio’s petition for a Supreme Court review of his insider trading conviction was distributed for conference Sept. 29, but the justices haven’t granted or denied the request yet.

A Supreme Court official said there’s a slight chance another orders list could be issued Monday coming from the Sept. 29 conference. Even if that happens, there’s no guarantee the case will be on the second orders list.

A more likely scenario is that the case will be distributed again at an upcoming conference, which is a private meeting of the justices in which they decide whether to grant or deny petitions. The next conference is Oct. 9.

The case was initially placed for consideration in June. Following that conference, the justices requested the entire case record from the lower courts. Nacchio’s attorney, Maureen Mahoney, said then that the delay and the justices’ request for the entire case record “is a sign that the petition is being given serious consideration.”

The US Chamber of Commerce has weighed in on Joe Nacchio’s appeal to the Supreme Court. The powerful business group wants the Supreme Court to review the former Qwest CEO’s insider trading conviction, arguing that the ruling “may have the perverse effect of discouraging rather than promoting the full and prompt flow of accurate information to the marketplace.”
Unlike typical insider trading cases, which involve selling or buying stock on private information ahead of a pending acquisition or expected approval of a drug in development by the FDA, Nacchio’s case was based on warnings about future revenue targets.

“He’s the first defendant whose ever been charged with insider trading based on this theory,” said Sheldon Gilbert, a spokesman for the U.S. Chamber. “We really think it’s a radical and novel theory and that’s why we weighed in.”

The government’s case against Nacchio hinged on several of his top executives testifying they warned him about Qwest’s deteroriating financial condition in late 2000 and early 2001. He didn’t disclose the information publicly. Instead, he reaffirmed Qwest’s financial goals for 2001, and dumped millions of dollars in Qwest stock that year. He was convicted on 19 counts connected to the sale of $52 million in stock and acquitted on 23 counts.

Nacchio has argued that warnings about revenue projections – in one case he was told Qwest would miss its 2001 revenue target by 4.2 percent – can’t be considered material, or significant enough to warrant public disclosure. The chamber agrees.

“The notion that doubts about revenue projections can be material as a matter of law—without a rigorous threshold establishing the certainty of such information—is fundamentally Read more…

The US Chamber of Commerce has weighed in on Joe Nacchio’s appeal to the Supreme Court. The powerful business group wants the Supreme Court to review the former Qwest CEO’s insider trading conviction, arguing that the ruling “may have the perverse effect of discouraging rather than promoting the full and prompt flow of accurate information to the marketplace.”
Unlike typical insider trading cases, which involve selling or buying stock on private information ahead of a pending acquisition or expected approval of a drug in development by the FDA, Nacchio’s case was based on warnings about future revenue targets.

“He’s the first defendant whose ever been charged with insider trading based on this theory,” said Sheldon Gilbert, a spokesman for the U.S. Chamber. “We really think it’s a radical and novel theory and that’s why we weighed in.”

The government’s case against Nacchio hinged on several of his top executives testifying they warned him about Qwest’s deteroriating financial condition in late 2000 and early 2001. He didn’t disclose the information publicly. Instead, he reaffirmed Qwest’s financial goals for 2001, and dumped millions of dollars in Qwest stock that year. He was convicted on 19 counts connected to the sale of $52 million in stock and acquitted on 23 counts.

Nacchio has argued that warnings about revenue projections – in one case he was told Qwest would miss its 2001 revenue target by 4.2 percent – can’t be considered material, or significant enough to warrant public disclosure. The chamber agrees.

“The notion that doubts about revenue projections can be material as a matter of law—without a rigorous threshold establishing the certainty of such information—is fundamentally Read more…

The US Chamber of Commerce has weighed in on Joe Nacchio’s appeal to the Supreme Court. The powerful business group wants the Supreme Court to review the former Qwest CEO’s insider trading conviction, arguing that the ruling “may have the perverse effect of discouraging rather than promoting the full and prompt flow of accurate information to the marketplace.”
Unlike typical insider trading cases, which involve selling or buying stock on private information ahead of a pending acquisition or expected approval of a drug in development by the FDA, Nacchio’s case was based on warnings about future revenue targets.

“He’s the first defendant whose ever been charged with insider trading based on this theory,” said Sheldon Gilbert, a spokesman for the U.S. Chamber. “We really think it’s a radical and novel theory and that’s why we weighed in.”

The government’s case against Nacchio hinged on several of his top executives testifying they warned him about Qwest’s deteroriating financial condition in late 2000 and early 2001. He didn’t disclose the information publicly. Instead, he reaffirmed Qwest’s financial goals for 2001, and dumped millions of dollars in Qwest stock that year. He was convicted on 19 counts connected to the sale of $52 million in stock and acquitted on 23 counts.

Nacchio has argued that warnings about revenue projections – in one case he was told Qwest would miss its 2001 revenue target by 4.2 percent – can’t be considered material, or significant enough to warrant public disclosure. The chamber agrees.

“The notion that doubts about revenue projections can be material as a matter of law—without a rigorous threshold establishing the certainty of such information—is fundamentally Read more…

Andy Vuong joined The Denver Post as a business reporter in 2000 after graduating from the University of Colorado at Boulder with a news-editorial degree. His primary beats are gambling, telecommunications and technology. Over the years, his coverage has included everything from aviation to federal courts.